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COMPANY INCOPORATION

SINGAPORE

Reasons for a Singapore company

Because of its excellent reputation, Singapore companies are a good way to invoice international customers, while minimizing local corporate taxation obligations

Having a Singapore company also allows customers to set up local accounts with Singapore banks, which are increasingly reluctant to accept offshore corporate clients

HONG KONG

Reasons for a Hong Kong company

As a Special Administrative Region (SAR) of China, Hong Kong is an excellent gateway for clients wishing to deal businesses with China

Because of its excellent reputation, Hong Kong companies are a good way to invoice international customers, while minimizing local corporate taxation obligations

BRITISH VIRGIN ISLANDS (BVI)

Reasons for a BVI company

BVI companies are excellent for booking tax-exempt international profits

Having a BVI company allows customers to set up corporate bank accounts around the world

CHINA

Types of Chinese companies

WFOE, Wholly Foreign-Owned Enterprise

Established by foreign individuals or corporates, and does not have direct involvement of a Chinese investor. Setting up a WFOE requires an agreed level of foreign capital to be invested and registered with the authorities. It is currently the most popular form of incorporation for foreign companies in Mainland China as it allows them complete control of their operations.

JV, Joint Venture 

Joint Venture is a special form of company registration in China where there is both a mainland Chinese party and a foreign party. The common occurrence of joint venture horror stories and the emergence of WFOE as a better alternative has led to the number of new JVs decreasing year by year. However, in some restricted industries, such as media, operating as a JV is the only option for foreign companies looking to get into China.

Rep Office, Representative Office

A Rep office is a simple way for a foreign company to have a limited presence in China, but there are many restrictions on what they can do. For example rep offices cannot directly employ staff or make invoices. Like JVs, Rep offices are becoming rare as foreign investors choose to set-up WFOEs for their China operations.

SOE, State Owned Enterprise

Most State Owned Enterprises are set up to operate in specific key sectors considered to be of strategic importance by the government, such as aerospace, telecommunications or military.

Private Enterprise

A private enterprise is a company registered by a local Chinese individual, group of local individuals or even other local companies without any government ownership.

Individually Owned

Also known as Small Private Company or Sole Trader, “Individually owned” is the simplest form of company registration in China, and is primarily used for very small companies. As the name suggests, it is a company form in which the company is owned by only one individual, who must be a Chinese national. 

MALAYSIA

ONSHORE MALAYSIAN COMPANIES (SDN BHD)

Reason for an Onshore Malaysian Company (Sdn Bhd)

Affordable & inexpensive location to set up an office as a regional headquarter for Southeast Asia, Asia or Asia Pacific.

MALAYSIA

OFFSHORE MALAYSIAN COMPANIES (LABUAN)

Reason For Offshore Malaysian Companies (Labuan)

Labuan, a federal territory of Malaysia, is best known as an offshore financial centre offering international financial and business services via Labuan International Business and Financial Centre (IBFC) since 1990.

Since its inception, the jurisdiction has expanded to become a base for more than 12,000 offshore companies and more than 300 licensed financial institutions including world leading banks. Labuan IBFC is embarking on an aggressive growth strategy to become the premier international business and financial centre in the Asia Pacific region.

Labuan’s business focus is on five core areas: offshore holding companies, captive insurance, Shariah-compliant Islamic Finance structures, public and private funds and wealth management. Labuan IBFC’s position is further enhanced by the launch of the Malaysian International Islamic Finance Centre initiative in August 2006.

INDONESIA

Features of Indonesian Companies

There are generally 2 types of Indonesian companies, the more common local limited liability company (PT, short form for Perseroan Terbatas) and the other, foreign-owned limited liability company (PMA, short form Penanaman Modal Asing).

An Indonesian PT requires

  • (i) a minimum of one local director,
  • (ii) two local shareholders and
  • (iii) one commissioner, which can be a non-resident.

The commissioner’s responsibility includes

  • (i) supervising the company,
  • (ii) examining the annual report and
  • (iii) approving the budget plan submitted by the Board of Directors.

For PMA, they are governed by the Foreign Capital Investment Law, which they have to obtain approval from the Capital Investment Coordinating Board (BKPM) before conducting business in the country. BKPM requires stakeholders to present an investment plan for a minimum of USD 1.2 million, of which 25% is required to be paid up share capital.

PMA requires

  • (i) a minimum of one resident director,
  • (ii) two shareholders and
  • (iii) one commissioner. In addition, the owners are required to sell a share of at least 5% of the company to a local within 15 years of commercial start up.

VIETNAM

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